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Alandsbanken announces September dates for redemption and fee payment
Chicago, Sept. 2 – Alandsbanken Abp announced the dates it will redeem its outstanding SEK 2.5 billion floating-rate covered bond due 2022 (ISIN: SE0010598474) and pay the consent fee on its consent solicitation, according to a press release on Thursday.
The announcement on timing comes one day after the satisfaction of the condition for the redemption, in that Alandsbanken sold SEK 5.5 billion of bonds on Wednesday, as previously reported. The company needed to sell at least SEK 3 billion of bonds for the redemption to take place.
With the condition now satisfied, the company will officially and definitely redeem the notes on Sept. 10. The record date for the early redemption is Sept. 3.
The payment date for the consent fee is now scheduled for Sept. 24.
Holders of the existing notes approved the addition of the call option pursuant to a consent solicitation for the floaters on Aug. 17.
As previously reported, as of the consent bid early deadline at 6 a.m. ET on Aug. 27, the company gained approval from 100% of noteholders to redeem all, but not only some, of the outstanding notes prior to final maturity at a price of 100.9 plus accrued interest.
A consent fee of 0.3% of the principal amount of notes was to be paid to noteholders.
Nordea Bank Abp and Danske Bank A/S acted as joint lead managers and bookrunners for the new covered bond.
Nordea (nordealiabilitymanagement@nordea.com, +45 6161 2996) was acting as the tabulation agent and solicitation agent for the consent solicitation, which expired on Wednesday.
The lender operates in Finland and Sweden from its headquarters in Mariehamm, Aland Islands (Finland).
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